Published on 6/27/2012 in the Prospect News Municipals Daily.
New Issue: Los Angeles prices $1.26 billion of tax and revenue anticipation notes
By Sheri Kasprzak
New York, June 27 - The City of Los Angeles sold $1,256,290,000 of series 2012 tax and revenue anticipation notes, according to a pricing sheet.
The bonds (//F1+) were sold through lead manager Loop Capital Markets LLC.
The deal included $252,075,000 of series 2012A notes, $251.66 million of series 2012B notes, $251,295,000 of series 2012C notes, $250,815,000 of series 2012D notes and $250,445,000 of series 2012E notes.
The 2012A notes are due Feb. 28, 2013 and bear interest at 2% priced at 101.161. The 2012B notes are due March 28, 2013 and have a 2% coupon priced at 101.295. The 2012C notes are due April 25, 2013 and have a 2% coupon priced at 101.423. The 2012D notes are due May 30, 2013, with a 2% coupon priced at 101.588. The 2012E notes are due June 27, 2013 and have a 2% coupon priced at 101.712.
Proceeds will be used to fund general capital expenditures for 2013 ahead of the collection of taxes and revenues.
| Issuer: | City of Los Angeles
|
| Issue: | Series 2012 tax and revenue anticipation notes
|
| Amount: | $1,256,290,000
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC (lead)
|
| Ratings: | Fitch: F1+
|
| Pricing date: | June 27
|
| Settlement date: | July 10
|
|
|
| $252,075,000 series 2012A TRANs
|
| Maturity | Type | Coupon | Price
|
| Feb. 28, 2013 | Term | 2% | 101.161
|
|
|
| $251.66 million series 2012B TRANs
|
| Maturity | Type | Coupon | Price
|
| March 28, 2013 | Term | 2% | 101.295
|
|
|
| $251,295,000 series 2012C TRANs
|
| Maturity | Type | Coupon | Price
|
| April 25, 2013 | Term | 2% | 101.423
|
|
|
| $250,815,000 series 2012D TRANs
|
| Maturity | Type | Coupon | Price
|
| May 30, 2013 | Term | 2% | 101.588
|
|
|
| $250,445,000 series 2012E TRANs
|
| Maturity | Type | Coupon | Price
|
| June 27, 2013 | Term | 2% | 101.712
|
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